What Is IOTW?
IOTW is a blockchain ecosystem that aims at promoting the use of blockchain by merging it with daily economic activities of the people, by including blockchain technology into Internet of Things (IOT) devices.
The company built a global blockchain transaction ecosystem to cater for the entire value chain of electrical appliances. It started with white goods in the household and thereafter expands to industrial appliances like procurement of raw materials, sales and after sale services like maintenance and spare parts replacement.
The platform developed Proof of Assignment method as a new way of mining on the ecosystem. The method requires less computational power in that ordinary electrical appliances can easily mine the IOTW coins without the electricity bills increasing significantly.
How IOTW Anapp Blockchain Technology For IoT Devices Works
The platform's blockchain is on an open Software Development Kit (SDK). This ensures that any smart device that is connected can easily load the platform's blockchain software application and thereby be a part of the ecosystem. It supports the participation of everyone in the whole world by allowing daily micro mining activities on its network by use of simple IOT machines.
The platform has invented a digital power system chip (DPS chips) to make the traditional power systems input in electrical appliances simple. The DPS chips are created to be cheap, energy efficient, more programmable, easy to handle and more IOTW enabled. The platform will then load its blockchain application into the DPS chips so that any electrical appliance that has the DPS chips automatically joins the ecosystem.
The DPS chips will ensure manufacturers and consumers realize crypto economic benefits since the chips create smart IOT devices that can call up for services like the change of spare parts whenever it is needed.
IOTW Token & ICO Details
The platform's IOTW tokens are issued during the company's Initial Coin Offering. The tokens can be used for payment of services. This means that as IOT devices automatically post their needs on the network the service provider like repair shops will be paid by use of the tokens. The service providers can either choose to use the tokens earned for buying other goods on the platform or exchange them into other cryptocurrencies.
Parameters Of The ICO
- Token symbol: IOTW
- Token sale date: Apr-Aug 2018
- Accepted payment method: ETH
- Total token supply: 5,000,000,000
- Hard cap: 45,000,000 USD
The tokens can also be used for payment of services and goods that manufacturers have posted on the online trading system that the platform offers. The platforms would also sell useful data on the customer behavior all over the world for the purposes of city planning, commercial advertising and the analysis of energy consumption. Payment for such data will be in IOTW tokens.
Less Computational Power:
The IOTW blockchain software requires less memory thus only need less computational power in its operations. This makes it ideal for micro mining by use of even small home appliances.
The platforms DPS chips once connected with the blockchain software converts home and industrial appliances to IOT devices while at the same reducing costs incurred in terms of electricity.
The entire IOTW ecosystem allows transactions made to be instant and without any delays hence, the trust of users to the platform is improved. The software used is also open SDK making it easy for devices to connect.